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Small firms will struggle with new quarterly tax returns, says FSB

Commenting on the plans which will require small businesses to move from annual to quarterly digital tax reporting by 2020, Gordon Millward, Regional Chairman at the Federation of Small Businesses, said:

“While the FSB supports HMRC’s digital transformation, members are deeply concerned with the move to enforce compulsory online quarterly reporting of their tax submissions. Adding more reporting appears out of step with wider Government attempts to reduce the regulatory burden and to streamline tax arrangements.

“Members already spend on average £3,600 completing their tax returns, with many still completing theirs manually.

“The UK’s self-employed will particularly struggle with this change. We therefore want to see proper consultation with business groups and professional bodies, a clear statement of benefits to the business community and a package of support to help offset this new burden on business.

“The push towards digital must be introduced alongside tax simplification, with businesses able to choose the best tax reporting process appropriate for them.”

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